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hram777 [196]
3 years ago
6

Why is it important to distinguish between unilateral and mutual mistakes?

Business
1 answer:
SVEN [57.7K]3 years ago
6 0

Answer:

The correct answer is because it determines which contracts could be voidable

Explanation:

A unilateral mistake is when just one party to a contract is mistaken as to the terms contained in a contract.

Commonly, the unilateral mistake does not make a contract void; The mutual mistake makes it.

You might be interested in
The quantity demanded x for a product is inversely proportional to the cube of the price p for p > 1. When the price is $10 p
Delvig [45]

Answer:

$6.00

Explanation:

Given data

quantity demanded ( x )  ∝ 1 / p^3       for p > 1

when p = $10/unit , x = 64

initial cost = $140, cost per unit = $4

<u>Determine the price that will yield a maximum profit </u>

x = k/p^3 ----- ( 1 ).  when x = 64 , p = $10 , k = constant

64 = k/10^3

k = 64 * ( 10^3 )

  = 64000

back to equation 1

x = 64000 / p^3

∴ p = 40 / ∛x

next calculate the value of revenue generated

Revenue(Rx) = P(price ) * x ( quantity )

               = 40 / ∛x * x   =  40 x^2/3

next calculate Total cost of product

C(x) = 140 + 4x

Maximum Profit  generated = R(x) - C(x) = 0

                                              = 40x^2/3 - 140 + 4x  = 0

                                              =  40(2/3) x^(2/3 -1) - 0 - 4 = 0

                                            ∴ ∛x = 20/3    ∴     x = (20/3 ) ^3 = 296

profit is maximum at x(quantity demanded ) = 296 units

hence the price that will yield a maximum profit

P = 40 / ∛x

  = ( 40 / (20/3) )  = $6

                                             

4 0
2 years ago
If your college leadership sought your advice on setting tuition, why would it matter if your college was the only college for m
gizmo_the_mogwai [7]

Answer:

yes, it would matter, because you want to get the best out of it

Explanation:

6 0
3 years ago
Casper Inc. issued shares of $1,000,000 in the current accounting period. How will this transaction affect the cash flow stateme
bixtya [17]
E is correct
Because is True
3 0
3 years ago
Suppose you live in New York City and the government has imposed price ceilings on apartment rental rates. You want to rent an a
dimulka [17.4K]

Answer:

The correct answer is letter "C": a tie-in sale.

Explanation:

A tie-in sale is one where the purchase or rent of an object is only possible if another is also bought. Companies tend to use this practice to offer goods and services in bundles where all the products being sold are not necessarily of interest to the buyer but generates more profit or the seller.

6 0
3 years ago
Can someone explain the relationship between consumer expectations and economic performance?
maks197457 [2]
If a consumer believes that the price of the good will be higher in the future he is more likely to purchase the good now. If the consumer expects that her income will be higher in the future the consumer may buy the good now. In other words positive expectations about future income may encourage present consumption.
5 0
2 years ago
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